Apple App Store Commerce Climbed 29% Last Year to $1.1 Trillion
Apple Inc., touting the value of its App Store just ahead of the company’s developer expo, said that the platform handled transactions worth $1.1 trillion last year, up 29% from 2021.
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Apple touting the value of its App Store just ahead of the company’s developer expo said that the platform handled transactions worth $1.1 trillion last year, up 29% from 2021.#Apple #AppStore pic.twitter.com/fWX2GxqI91
— The_Journalbiz (@the_journalbiz) May 31, 2023
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A study from Analysis Group that was commissioned by Apple found that annual sales and billings, which include money from apps and subscriptions, in-app advertising and physical goods or services, climbed more than 80% on the App Store since 2019.
- The latest annual increase was an uptick from growth of 27% in 2021 and 2020.
Apple is facing criticism that it wields too much power over the App Store by putting restrictions on developers and charging them a commission of as much as 30%. In citing the report, the company is looking to address those concerns by showing how much money it’s making for developers. “As this report shows, the App Store is a vibrant, innovative marketplace where opportunity thrives,” Chief Executive Officer Tim Cook said in a statement.
Cook will speak to Apple developers next week at the company’s annual Worldwide Developers Conference, where he’s expected to unveil a mixed-reality headset that will have its own App Store.
The device represents Apple’s first major new product category since 2015, and the company will need the support of third-party app developers to make it a success.
According to the Analysis Group report, the biggest driver of App Store commerce last year was general retail, followed by travel. Food delivery and pickup apps generated about $77 billion in 2022, while ride-sharing services made roughly $48 billion.
